Siam Commercial Bank (SCB), through its financial technology subsidiary Digital Ventures, has announced a strategic investment in 1QBit, a software company focusing on quantum and quantum-inspired computing based in Vancouver, British Columbia.
The investment makes SCB the first bank in Southeast Asia to actively engage with quantum technology and its applications in financial services.
The bank’s first executive vice president and chief strategy officer Arak Sutivong said that SCB’s investment in 1QBit reflects the strategic importance its place on learning from bleeding-edge technologies that could have vast and profound impact on a variety of industries, including financial services.
“In the near term, we expect our investment in 1QBit and quantum and quantum-inspired computing to have tangible influence on our business through advancements in portfolio optimisation, wealth management, risk management, and cyber security. Over the long term, quantum computing forms a core part of SCB’s investment strategy to identify fundamental technologies with the potential to reshape our industry from the ground up.” said Arak.